If you want a better state for taxes, you better bundle up. According to a new study by the Tax Foundation, you’d have to move to Wyoming, South Dakota or Alaska to find states with a better system of taxation than what we have in Florida. The Tax Foundation measured states based on the way they structure taxation from the perspective of residents. Florida’s fourth nationally and the closest large state. Florida ranks better than average in every tax category compared to other states.
It lands 21st in sales taxes, 13th in property taxes, sixth in corporate taxes, second in unemployment insurance taxes, and first in individual taxes. This illustrates a tax climate that’s outstanding for businesses and residents alike and explains Florida’s continued economic success, along with the ever-increasing influx of defectors from other states.
Your three worst states for taxes in 2021 are New York, California and New Jersey. What's especially cool with the Tax Foundation’s study is the ability to easily see how Floridians are taxed in each category compared to other states. No other state, not even the three ahead of us, are better than average in every category. While it’s well known Florida doesn’t have a personal income tax, we’re also not compensating with offsets in other areas. It’s just better in Florida period.
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